Energy Transfer (NYSE:ET) Shares Down 0.6% – Here’s What Happened

by · The Markets Daily

Shares of Energy Transfer LP (NYSE:ET – Get Free Report) fell 0.6% during mid-day trading on Wednesday . The company traded as low as $19.03 and last traded at $19.15. 2,536,868 shares traded hands during trading, a decline of 81% from the average session volume of 13,680,369 shares. The stock had previously closed at $19.26.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ET. Royal Bank of Canada boosted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Bank of America initiated coverage on shares of Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price for the company. Finally, UBS Group upped their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer has a consensus rating of “Buy” and an average target price of $20.00.

Read Our Latest Stock Analysis on ET

Energy Transfer Price Performance

The firm’s 50-day moving average price is $17.11 and its 200-day moving average price is $16.35. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $65.23 billion, a PE ratio of 14.08, a PEG ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET – Get Free Report) last announced its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $20.77 billion for the quarter, compared to analysts’ expectations of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The business’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 EPS. On average, equities analysts forecast that Energy Transfer LP will post 1.32 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 6.77%. Energy Transfer’s payout ratio is 94.85%.

Hedge Funds Weigh In On Energy Transfer

Hedge funds have recently added to or reduced their stakes in the stock. Princeton Global Asset Management LLC boosted its stake in shares of Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares in the last quarter. HWG Holdings LP bought a new position in shares of Energy Transfer during the second quarter valued at approximately $33,000. Sugarloaf Wealth Management LLC boosted its stake in shares of Energy Transfer by 43.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 750 shares in the last quarter. Finally, Continuum Advisory LLC boosted its stake in shares of Energy Transfer by 44.8% during the third quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 729 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Company Profile

(Get Free Report)

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.

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